Sensex snaps 2-day losing streak to settle at 114 pts higher; Nifty above 18K level

Fag-end buying drove the 30-share Sensex 114 points higher at 60,950, while its broader peer Nifty 50 ended above the 18,100 level. With this, the benchmark equity indices took their winning streak to the third consecutive week.

Among Sensex stocks,

, , , , Reliance, and were the top gainers in today’s trading session, rising about 1-4.5%. On the other hand, Dr Reddy’s Labs, , , , Corp and ended the session with cuts.

Sectorally, the Nifty Metal rose 4.21% and Nifty PSU Bank surged 1.04%. While Nifty Pharma and Nifty IT closed lower. In the broader market, Nifty Midcap50 dropped 0.32% while Smallcap50 increased 0.28%.

“A late rebound was seen in the domestic market, it was largely in the red zone as the Pharma and IT sell-off continued due to concerns about the impending recession,” Vinod Nair, Head of Research at

, said.

The dollar surged along with the US Treasury yield following the hawkish remarks from global central banks, while FIIs continued their domestic support, Nair said

Earlier in Asian markets, Japan’s Nikkei 225 fell 1.68% while South Korea’s Kospi, China’s Shanghai Composite and Hong Kong’s Hang Seng advanced 0.83%, 2.43% and 5.36%, respectively.

The Stoxx Europe 600 rose 1.1% as of 9:55 a.m. London time. Futures on the S&P 500 too rose 0.7%. Futures on the Dow Jones Industrial Average also rose 0.5%

The rupee strengthened 0.36% to 82.44 per dollar. While the Brent crude January futures advanced 2.66% to $97.10 per barrel.

The market capitalisation of all listed companies on BSE increased by over Rs 1.47 lakh crore to Rs 283.04 lakh crore. The market breadth was skewed in favour of bulls. About 2,036 gained, 1,412 stocks declined and 139 remained unchanged.

“Indian equities remained volatile before closing around the day’s high. The positive momentum continues as the index has closed above the previous swing high. Besides, the index has maintained its position above 200DMA. The momentum indicator RSI is in a bullish crossover. The trend for the short term remains bullish, with an upside potential of 18300/18600. On the lower end, support is pegged at 17950,” Rupak De, Senior Technical Analyst at LKP Securities said.